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Minsk to raise more than $1.8bn of foreign direct investments in 2011

The city of Minsk plans to raise more than $1.8bn worth of net foreign direct investments in 2011, Chairperson of the economy department of the Minsk City Council Natalia Zhamoitina said at the council’s session on 6 January.

“The resolution of the Council of Ministers says that Minsk has to raise $1,846 million of net foreign direct investments (without indebtedness) in 2011 to keep the sustainable growth of economy,” Natalia Zhamoitina said.

In her words, the Minsk City Council has already signed 37 agreements on investment projects to the total of $1.3 billion with a number of foreign investors. These projects are set to attract about $400 million of foreign direct investments.

Apart from that, a considerable amount of investments may be raised after the sales of state-run property. The privatization plan features 56 companies in Minsk. Such companies as Ironworks Pilot Plant , Belkinga, Giprosvyaz, trucking company No.4, trucking company No.6, CAUK, Minsk Margarine Plant, Alesya, Belarusian Wallpapers are expected to go private In 2011. The sales of stocks in these companies will raise an additional $1.4 billion of foreign investments.

Natalia Zhamoitina said that the objective for 2011 is higher than in 2010, when the city raised about $850 million worth of foreign direct investments.

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